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Pension funds set to buy Dutch rooftop solar installer

Dutch non-residential rooftop solar company Groendus is set to be sold by its private equity company owner to two public pension funds, although the move could be held up by the European Commission.

The commission this week called for submissions related to the proposed acquisition of Groendus Groep BV by pension funds in Ontario and the Netherlands, under the EU’s merger and acquisition rules. Groendus installs rooftop solar for businesses and public bodies and is owned by the NPL Capital private equity company, which is in turn owned by Netherlands-based trader SHV Holdings NV.

Under the proposed deal, Groendus stock would be acquired by the Ontario Municipal Employees Retirement System and the APG Asset Management NV business owned by the Dutch government and Stichting Pensioenfonds ABP, an education sector pension fund.

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The commission notice did not state how the shareholding would be split between the potential new owners. It called for comments to be made by Sept. 4.

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